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Open Innovation: On Ground Challenges - A CXO Roundtable Insights (2/2)
Open Innovation: On Ground Challenges - A CXO Roundtable Insights (2/2)

November 24, 2022

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Open Innovation: On Ground Challenges

  A CXO Roundtable Insights (2/2)

Though corporations are trying multiple ways to make their collaboration programs successful, certain challenges still exist that are causing hindrances in scaling their open innovation programs.

Struggle towards implementation of the open innovation model:  

  1. Time: The implementation of the open innovation model takes time that might not go with the plan of the organization. Open innovation implementation time is subjective; it depends on each organization’s risk appetite.

 

  1. Data Security and Privacy: Different organizational functionalities question whether collaborating with start-ups is safe and private.

 

  1. Accelerators limited vision: Corporations believe that accelerators struggle to provide solution depth and take a more horizontal approach.

 

  1. Intellectual Property: A long-discussed issue that still prevails in open innovation engagement is the IP issue of the co-created or used product.

 

  1. Embedding innovation in organizational culture: Developing the culture of innovation is a task for many organizations, as the team or individual who owns the innovation charter needs a thorough plan and proper support

 

 

  1. Picking Ideas: In-house ideation looks promising but choosing the right idea that is implementable and scalable is a huge task for the management.

 

 

  1. Legalities and Onboarding Process: Onboarding a collaborating partner is another task that needs to go through a lot of formalities and contractual work. A separate contract is needed for such activities so that the process can be streamlined for faster execution.

 

  1. Start-up Flexibility: Start-ups are not flexible enough to understand business requirements and modify or customise products as per the business's needs. Having at least a minimally viable product for demonstration Start-ups need to move from a technology mindset to a solution or product mindset.

 

  1. Resource Availability: Middle management should be given adequate time and space to think, plan, and implement the open innovation charter in their organization.

 

  1. Start-ups global understanding: Global corporations are still concerned about whether India's start-ups know global nuances and understand geography. These issues hinder certain corporations from collaborating with start-ups.

 

  1. Scaling a PoC: A successful PoC doesn’t mean that start-ups can easily apply it to a larger set of customers, which again causes a sense of worry among corporates while collaborating with start-ups

Other than the above, roundtable attendees also discussed the role of leadership in driving the open innovation agenda. Some key points discussed are:

  • Leadership provides the required vision for open innovation.
  • Sponsorship or funding to build the right team with the required skills
  • Motivating the team and driving the agenda

 

All in all, open innovation needs a leader’s support, a checklist, a process, and standardisation so that organisations can make this open innovation model successful, fast, and uninterrupted.

 


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